Fannie Mae and Freddie Mac (GSE’s) have announced an updated implementation timeline for the re-revised Uniform Residential Loan Application (URLA) and a mandatory use date of November 1, 2020. The timeline provides the various phases through which the revised URLA should be implemented, reserving most of Q1 2020 for industry preparation, functionality testing from early March 2020 through June 1st, and voluntary “limited production” form June 1st through August 31st. “Full production” commences on September 1st and continues to the mandatory use date of November 1, 2020.
